Profit before tax for the first half of the year has tumbled from £2.6bn last year to £2bn.

Barclays also stated that it had set aside an additional £400m in provisions for UK customer redress relating to Payment Protection Insurance (PPI).

As of 30th June 2016, Barclays revealed that its cumulative provisions had totalled £7.8bn for PPI redress. 

During the half year, 1.7 million customer initiated claims had been received and processed. 

Despite the fall in profit, James E Staley, group CEO of Barclays, felt that it had been a very encouraging period for the bank.

“Our core businesses, Barclays UK and Barclays Corporate & International, continue to thrive. 

“Both produced double digit ROTEs [return on tangible equity] in the [first] half, which aggregate to a collective 12.5%, demonstrating the already high-quality franchises at the centre of the future of this group.

“We remain confident that it is the right plan for Barclays, and see no reason to adjust it, or the pace of delivery, in light of the vote by the UK last month to exit the EU.”

James addressed concerns surrounding the bank’s position following the vote to leave the European Union.

“Given the inherent diversification of our business model, coupled with a longstanding conservative approach to risk, Barclays is well positioned to weather any potential economic consequences of that decision. 

“We are very much open for business, and fully committed to supporting our customers and clients, and the real economy, through this period of uncertainty."